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Global Electric Vehicles and Robotics in Mining Market Overview
The global electric vehicles and robotics in mining market is expected to witness considerable growth during the forecast period (2020–2030). The mining industry has always been labour-intensive industry. However, with dynamic technological environment and government push toward workforce safety as well as hurdle associated with finding skilled labourers, the industry is witnessing an automation trend. Autonomy is a major trend in the mining industry, which, in turn, is expected to drive the growth of the market during the forecast period.
The electric vehicles and robotics in mining market on the basis of product is categorized into autonomous hauling/mining trucks, autonomous drilling rigs, underground load haul dump (LHD) loaders, tunnelling equipment, and others. The autonomous hauling/mining trucks category is estimated to dominate the market during the forecast period. Moreover, with an increase in investment in autonomous trucks and mobile robot platforms, the material handling category is expected to witness highest CAGR during the forecast period.
The electric vehicles and robotics in mining market in terms of application is categorized into hard rock mining and soft rock mining. Hard rock mining refers to various underground mining techniques used to excavate hard minerals, such as ore containing gold, silver, iron, and copper. This category accounted for the majority share in the market during the historical period. However, the soft rock mining category is expected to witness higher CAGR during the forecast period.
Geographically, Asia-Pacific (APAC) is expected to dominate the global electric vehicles and robotics in mining market during the forecast period. China is biggest producer of coal with the production of approximately 47% of total global output. India, Australia, and Indonesia are other prominent countries with high coal production in the region. However, the Latin America, Middle East, and Africa (LAMEA) region is expected to witness highest CAGR during the forecast period.
Electric Vehicles and Robotics in Mining Market Dynamics
Rise in the number of investments and partnerships among key players is a major trend spotted in the electric vehicles and robotics in mining market. Technical collaborations drive the growth of any mining corporation. Hereby, the leading mining companies and off-road vehicle manufacturers in the industry are collaborating within or outside the industry to upgrade their product portfolio. For instance, in May 2019, Rio Tinto Ltd. agreed to buy a fleet of autonomous trucks and other mining equipment from Caterpillar Inc. for its new Koodaideri iron ore mine in Western Australia. Following this deal, Caterpillar Inc. will supply a fleet of 20 autonomous 793F trucks as well as four autonomous blast drills for the mine, which Rio Tinto Ltd. is developing for $2.6 billion with first production expected to start by the end of 2021.
Continuous digital transformation and adoption of new technologies offer mining companies ample opportunities to be more efficient, boost production, and reduce overall cost while making the work environment safer. Mining companies are expected to leverage industrial internet of things (IIoT), which will ensure a connected network among mining industry stakeholders and enable autonomous control in several processes while establishing sustainable value chains. This is expected to play wider role during the forecast period to generate new growth opportunities for the players operating in the electric vehicles and robotics in mining market.
Electric Vehicles and Robotics in Mining Market Competitive Landscape
The electric vehicles and robotics in mining market is consolidated market, with few key players holding majority share. Some of the major players operating in the market are Caterpillar Inc., Clearpath Robotics, Nabors Industries, Sandvik AB, ABB Group, Autonomous Solutions Inc., Komatsu Limited, Atlas Copco, Hexagon AB, Hitachi, RPMGlobal, and Trimble.
Electric Vehicles and Robotics in Mining Market Size Breakdown by Segment
The Electric Vehicles and Robotics in Mining Market report offers comprehensive market segmentation analysis along with market estimation for the period 2020–2030.
Based on Product Type
Based on Application